TD Securities Initiates Coverage on Primo Brands (NYSE:PRMB)

TD Securities started coverage on shares of Primo Brands (NYSE:PRMB - Free Report) in a research report report published on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $48.00 price objective on the stock.

PRMB has been the subject of a number of other reports. JPMorgan Chase & Co. raised their price target on Primo Brands from $38.00 to $41.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Royal Bank of Canada boosted their target price on Primo Brands from $35.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, January 6th. BMO Capital Markets started coverage on Primo Brands in a research note on Monday, January 6th. They issued an "outperform" rating and a $40.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Primo Brands from $38.00 to $40.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Truist Financial began coverage on shares of Primo Brands in a research note on Friday, April 4th. They set a "buy" rating and a $42.00 target price for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $41.50.

Primo Brands Price Performance

Shares of PRMB traded up $0.31 during trading hours on Tuesday, hitting $33.78. The stock had a trading volume of 5,650,827 shares, compared to its average volume of 3,237,725. The firm has a market cap of $12.84 billion, a price-to-earnings ratio of 40.22, a P/E/G ratio of 0.78 and a beta of 0.82. Primo Brands has a 1-year low of $24.41 and a 1-year high of $35.85. The business's 50 day moving average is $33.18. The company has a quick ratio of 2.07, a current ratio of 2.18 and a debt-to-equity ratio of 0.86.

Primo Brands (NYSE:PRMB - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.19 by ($0.08). The firm had revenue of $1.40 billion for the quarter, compared to analysts' expectations of $1.58 billion. Primo Brands had a positive return on equity of 10.27% and a negative net margin of 2.74%. Equities analysts predict that Primo Brands will post 1.13 EPS for the current fiscal year.

Primo Brands Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Friday, March 7th were given a dividend of $0.10 per share. The ex-dividend date was Friday, March 7th. This represents a $0.40 dividend on an annualized basis and a yield of 1.18%. This is an increase from Primo Brands's previous quarterly dividend of $0.09.

Hedge Funds Weigh In On Primo Brands

Several hedge funds have recently modified their holdings of PRMB. FMR LLC purchased a new stake in shares of Primo Brands during the 4th quarter worth about $653,019,000. Vanguard Group Inc. purchased a new stake in shares of Primo Brands in the 4th quarter valued at approximately $471,249,000. William Blair Investment Management LLC purchased a new stake in shares of Primo Brands in the 4th quarter valued at $343,451,000. Eminence Capital LP purchased a new position in Primo Brands in the 4th quarter valued at approximately $145,670,000. Finally, Fuller & Thaler Asset Management Inc. purchased a new position in shares of Primo Brands in the 4th quarter valued at about $128,982,000. Institutional investors and hedge funds own 87.71% of the company's stock.

About Primo Brands

Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.